Vari Energies shares fall
New Delhi. Shares of Waaree Energies fell heavily on February 25 due to US President Donald Trump's announcement, but immediate recovery was seen after the company's clarification regarding tariffs. In fact, America has announced to impose heavy compensatory duty on solar energy imports from India. After this, shares of Waari Energies fell by 15 percent to Rs 2,570 by around 9:30 am. At the same time, shares of Premier Energies fell by more than 12 percent to Rs 681.
Why did the decline happen and how did the recovery happen?
Meanwhile, there was a massive selloff in stocks after the US Commerce Department's decision to impose preliminary countervailing duty of about 126 percent on solar cells and panels imported from India. The department cited unfair government subsidies as the reason for this fee. The duties are part of a broader trade case covering imports from India, Indonesia and Laos.
However, the shares recovered after Hitesh Doshi, Chairman and MD, Vaari Energies, in a media interview clarified that the US countervailing duty applies only to solar cells manufactured in India and not to panels assembled in India using imported cells. After this, there was an improvement in the shares from the lower levels.
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(Disclaimer: The information given here regarding shares is not an investment opinion. Since investing in the stock market is subject to market risks, please consult a certified investment advisor before investing.)
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